Debts of 1,214 Emirati citizens, amounting to over Dh500 million, will be waived following the directives of the President, His Highness Sheikh Mohamed bin Zayed Al Nahyan, it was announced on Tuesday.
As many as 17 top banks and financial institutions are participating in the initiative by the country’s Non-performing Debt Relief Fund.
Jabr Mohammed Ghanem Al Suwaidi, Minister of State and Chairman of the Supreme Committee of the Non-performing Debt Relief Fund, said that the gesture is part of the UAE leadership's keenness to ensure a decent life for all Emiratis. He also expressed his thanks to all banks and institutions that contributed to this initiative, waiving around Dh536,230,000.
First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Al Hilal Bank, Mashreq Bank, Emirates NBD, Abu Dhabi Islamic Bank, RAK Bank, HSBC and Dubai Islamic Bank are some of the lenders that participated in the initiative.